Steemit Crypto Academy Contest / S5W1 - The Blockchain Bridge

in SteemitCryptoAcademy2 years ago (edited)

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Aslam-mu-Alakum!!

i am not very much expert n software engineering but i am going to write my experience and knowledge about blockchain bridge and this topic is very much highlighted in the media and in cryptocurrency world. every best blockchain is trying to develop secure and safe blockchain bridge for its user. and i am very much happy that SteemitCryptoAcademy gave me opportunity to share my article on this topic in Steemit Engagement Challenge Season 5 week 1 contest.

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What do you understand by a blockchain bridge? And what necessitated bridges in the blockchain.

We all know that the name Blockchain is used a lot in cryptocurrency. Thus, blockchain bridge also has a very important role in this world of cryptocurrency. It won't be wrong if I say that blockchain bridge has now become an integral part of cryptocurrency.

I will try to explain you about blockchain bridge in very simple words. As the word block chain bridge means block chain bridge. A bridge is always helpful to cross from one place to another, so in cryptocurrency, a blockchain bridge is also helpful in accessing a transaction from one blockchain to another.

Let me try to explain this with an example. Suppose a person wants to use his bitcoins from the bitcoin blockchain to another coin's blockchain. So it will be possible only when the blockchain bridge facility is available and whenever we do a similar transaction from one block chain to another block chain, such transaction will be possible with the help of block chain bridge. We can also say in simple words that between two or three blockchains that are completely different, we can call the transaction of bitcoin or any coin as a blockchain bridge.

Suppose I have steem and I transfer my steem to bitcoin blokchain. If you want to use it on the bitcoin blockchain, then it will be possible with a bridge, and the bridge between two blockchains is called a blockchain bridge. It is also called cross chain bridge. Whenever we use a blockchain coin to another blockchain through a bridge, the word wrapped is attached to them. Now your steem will be wrapped steem on bitcoin blockchain.

I understand that there is a dire need for bridges in the blockchain. Because if I have bitcoins in the bitcoin blockchain and I want to sell my bitcoins and buy Eth directly, I need to bridge my bitcoins. I will transfer to the Eth blockchain and the ETH blockchain will give me ETH equal to the value of Bitcoin and I can do the trade I need. I believe that the establishment of a bridge between blockchains is both the need of the hour and the convenience for investors to transact directly from one blockchain to another without an intermediary.

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What are the benefits of the blockchain bridge? How does the bridge work?

When it comes to the advantages of the blockchain bridge, here are some of the biggest advantages that I understand. Because of the blockchain bridge, I have solved the problem that if I have bitcoins stored on my blockchain and anytime I need to buy ETH from my bitcoins, I no longer need a centralized media, I can directly from the blockchain. Blockchain can sell or buy your bitcoins. Another benefit is that I don't need to sell my bitcoins or assets in multiple places and pay fees, but I can now trade blockchain to blockchain easily.

Due to the blockchain bridge, the transaction has become faster and now there is no issue of pending or transaction block on the exchange. The biggest benefit of this blockchain bridge is that we can transact on each blockchain according to our will and purpose. Because the centralized market also has to pay heavy fees. Some exchanges have transaction limits due to which investors are worried. Now, with the help of blockchain bridge, there is no transaction limit and the asset is also in the hands of the owner.

Blockchain bridges work very well, I'll put it in very simple terms, let's say I have two bitcoins. My Bitcoins are on the Bitcoin Blockchain. But now I want to get my bitcoin worth of ETH and now I will choose blockchain bridge for this purpose. Bridges that exist now operate using the Bridge Protocol.

Smart contract protocols of both blockchains work on both blockchains. When we send bitcoins to the ETH blockchain, smart contracts work on both sides. When we send bitcoins to another blockchain, that blockchain sends our bitcoins. The smart contract sends to the bridge. Thus when this contract is completed we get ETH. We receive bitcoins worth of ETH via the Smart Protocol bridge. Bridges can be either centralized or decentralized.

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Highlight the types of blockchain bridges by category. Pick an example of a blockchain bridge in existence and explain how it works.

If we talk about blockchain bridges in terms of category, there are many types and individual can use them according to their needs. Listed below are popular types of blockchain bridges by category.

  • Centralized bridges,
  • Decentralized bridge,
  • Dapps specific Bridge,
  • Multi chain blockchain bridge,
  • Sidechain blockchain bridges,
  • Data blockchain bridges,
  • Wrapped coin bridges,
  • blockchain to blockchain bridges.
    These are popular bridge types that are currently being used in cryptocurrency. Each bridge has its own utility and features.

How work Wrapped Blockchain bridges

A wrapped blockchain bridge works something like this. . I am not a software engineer but I will share here what I have learned and seen. Let's say I want to send my bitcoins to the ETH blockchain. But my bitcoins are on the bitcoin blockchain. But I want my bitcoin assets to be transferred to ETH blockchain now. So for this I will first send my bitcoins from bitcoin blockchain to ETH address and when my bitcoin transaction is done on ETH, the protocol bridge of bitcoin and ETH will connect to the smart contract and thus by checking Oracles market price. will give and I will get wrapped bitcoins for my bitcoin value and my bitcoins on ETH blockchain will become wrapped bitcoins but will be bitcoins. But the bitcoins on the bitcoin blockchain will be added to the lock BTC and then when I send my wrapped bitcoin from my ETH blockchain to the bitcoin blockchain, then my wrapped bitcoin will go to Burn WBTC. So this is how Rwapped blockchain bridge works.

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Are there limitations to the blockchain bridges? What do you think about the future of blockchain bridges?

First of all, I could not understand the point of the limitations of the blockchain bridge. But if we talk about the limitations regarding the use of the blockchain bridge, I do not think that there will be any limitations because there are different types of bridges and their use and It can be analyzed in terms of security. But I understand that in the past millions of dollars of coins have been hacked because of the blockchain bridge. If there are no limits for the bridge, hackers from anywhere can become a discussion of losses for investors through the weak contract protocol, as many projects have been hacked due to the same blockchain bridge in the past.

What do you think about the future of blockchain bridges?

Blockchain bridge cryptocurrency is the need of the hour and its future is very bright in every respect. Because a few years ago no one knew about cryptocurrency and today crypto investments are happening everywhere. Some investors like centralized market and some decentralized but blockchain to blockchain transaction is what everyone wants to do now. As the blockchain bridge becomes more widely used in the future, more futures will be needed within it. But its popularity and acceptance in the future depends on its security and in the light of recent events, it can be said that many people are wary of using blockchain. But if blockchain improves in terms of security, the blockchain bridge will become more useful for every crypto user.

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my invitation goes to @adeljose
@prof.zailmustafa @jessica566

Regards
@yousafharoonkhan

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 2 years ago 

Hey friend,

But if blockchain improves in terms of security, the blockchain bridge will become more useful for every crypto user.

Yea you are right friend, as long as the Blockchain bring do not have any security challenge, it would really be accepted buy all nations. With this blockchain technology would gain more users hopefully.

Thank you very much for sharing, please you can check my own entry here

wishing you success

Yes indeed,

bridge security is biggest challenge this time, and hope in near future we will see biggest change , and new feature for security .. every one want to protects assets during bridge use,, thank you very much for appreciation

As you rightly said in the ending of your article, if the security in the blockchain bridge can be guaranteed in the near future, then it will be a really massive boost in the blockchain networks and it will bring about more adoption.

Security is one of the major issue. There are case in which hackers hacked and broke the bridge..but blockchain bridges are our need now to make the it easy and fast crypto transaction deal..we can get rid from centralized system

If they can think about possible ways to improve the security, then we are good to go.

 2 years ago 

Another benefit is that I don't need to sell my bitcoins or assets in multiple places and pay fees, but I can now trade blockchain to blockchain easily.

That's true, the blockchain bridge connects the blockchains together and that make it easy for us to use our tokens on supported bridge, it reduces cost and time taken to complete a transaction.

yes respected , bridges reduces the cost of high fees that we should pay on different places for exchange the coins. we can hold our assets on other blockchains that is best benefits, thank you so much for reading my post

I agree with you that the wide acceptance of blockchain bridges depends on improvement of it security.

security is one of the biggest challenge for the developer of the bridges , because many people do not want to take risk reason is that in past many weak bridges invited hackers .. improvement of it security is first and last

 2 years ago 

The blockchain bridges are vital in the world of cryptocurrencies, and of course they must improve their reliability, as today it has lost a lot of ground, due to the large number of attacks and unfavorable campaign that there are in the crypto world. but its use is extremely necessary. i loved your way of explaining from another point of view that enriched my education in cryptos.

yes it is very much necessary and vital in crypto world . i think first and last point in this regards is that how much limitation come in this area and how we can make it more secure safe with limitation or infinity use

ap nay bridge ki bhut he batreen examples di hain aur bridge as time use vital hai ... sir ap nay bhut he achay andaz say as topic par lakha hai aur ma yeah khoo ga ka 100% agree ka security ho g tu log as bridge par trust krain gay

i agree with your comments and every one is focusing on security and its uses . thank you sir for appreciation

ma tu samujta hoon ka yeah blockchain bridge aik nai eijad hai aur jistra waqat guzarta juy ga tu as ka astmal jitna zaida hoo ga as kay faida samnay atay jain gay. ap nay balkul dorust lakha hai ka jub tak as ka keys ma mafoz ni hoty us time tak yeah mumkin ni lakin ma nay ap ka as post say bhut khuch nai malomat hasil ki hain. ma zaror as ma apna post lakho ga thank

dear jesscia566 , it is very much necessary that blockchain bridge should be safe, and i also mentioned history of hacking case in this post also. thank you very much for encouraging me.

میں نے آپ کی تمام پوسٹ پڑھ لی ہیں۔ آپ نے ہر نکتے کو بہت آسان طریقے سے سمجھا دیا۔ میں نے کچھ مہینے پہلے ٹریڈنگ کو دیکھا۔ میں نے اپنا ایتھرم کا سکہ سولنا بلاک چین میں منتقل کر دیا ہے۔ یہ بہت آسان اور تیز ٹرانزیکشن تھا۔ میں بلاک چین برج کو ترجیح دیتا ہوں۔ ہاں یہ سچ ہے کہ اس کا مستقبل ٹرانزیکشن کی رقم اور سیکیورٹی پر منحصر ہے۔

محترم جناب، آپ کو اس موضوع پر بہت علم ہے اور یہ بہت اچھی بات ہے کہ ہم اپنا سولنا سکہ ایتھرم بلاکچین پر اور ای ٹی ایچ کوائن سولنا بلاکچین پر حاصل کر سکتے ہیں۔ یہ بلاکچین پل کا اصل کام ہے۔ میری اس پوسٹ کو دیکھنے اور پڑھنے کے لیے آپ کا بہت بہت شکریہ۔

thank you so much respected moderator @tariqkhanpti for curating my post